Did you know that the Australian Tax Office has developed an app called MyDeductions to make tax time easier?
Working on your smart device, MyDeductions assists individuals by instantly recording their expenses. Sole traders can upload business income information. The app also stores images of receipts, overcoming the problem of lost or faded receipts.
When tax time arrives, you simply send the data file to your accountant or tax agent.
Go to www.ato.gov.au and type “MyDeductions app” into the search engine. Watch the video to learn how it works, download and life becomes a little bit easier!
Owl Financial Management ( OwlFM ) is an Adelaide based Financial Planning firm. You can contact us on 08 83620060.
MyDeductions app makes tax time easier